Leading real estate firm Palm Hills for Reconstruction registered net profits of EGP 646m in the first half (H1) of 2015, a 381% annual increase, the company announced on Thursday.
On a quarterly basis, Palm Hills net profits in Q2 of 2015 quadrupled in comparison to Q2 of 2014, recording EGP 431.2m, compared with the EGP 84.7m recorded in the same period the year before.
The company attributed the unprecedented profits to its highest percentage of sales, “strong” marketing strategy, fast construction of current projects and an increase in volume of new contracts compared to the same period last year.
Palm Hills has constructed more than 600 residential units in H1 of 2015, with a 49% increase in total annual sales.
Yassine Mansour, CEO of Palm Hills, said in a statement that the results reflect the company’s financial position. He added that the company has succeeded in increasing its capital from EGP 2.7bn to EGP 4.3bn, distributed over 2.2bn shares that are traded through the Egyptian Stock Exchange and London Stock Exchange.